Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in West Kensington. Clearly, the length of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in West Kensington have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give due deliberation before delaying your West Kensington lease extension. Holding off that expense now only increases the price you will ultimately have to pay for a lease extension
Leasehold residencies in West Kensington with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in West Kensington can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with West Kensington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
14 months ago Sam, came precariously close to the eighty-year threshold with the lease on his ground floor flat in West Kensington. Having bought his flat two decades ago, the unexpired term was of no bearing. Luckily, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Sam was able to extend his lease just in the nick of time in March. Sam and the freeholder via the managing agents in the end agreed on a premium of £5,500 . If he had missed the deadline, the sum would have escalated by at least £1,125.
In 2014 we were phoned by Dr M Laurent who, having completed a ground floor flat in West Kensington in March 2004. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Comparative homes in West Kensington with 100 year plus lease were valued about £208,600. The mid-range ground rent payable was £60 collected quarterly. The lease finished on 18 May 2083. Given that there were 57 years unexpired we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.
An example of a Lease Extension case for a West Kensington premises is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case affected 1 flat. The unexpired lease term was 37.79 years.